What you get back will depend on the investment performance of the funds that you choose and our charges. The value of your investment in the investment funds can go down as well as up. Changes in the rate of exchange of currencies may also affect the value of your investment.

The Plan invests in a range of funds which have different levels of risk and you should choose the fund or portfolio of funds that matches your risk profile.

You may get back less than the amounts shown on the illustration because

capital growth could be lower than that shown in the illustration,

withdrawals from your Plan could use up some of your capital.

Withdrawals from your Plan may be subject to tax.

The returns you get on your investment in the MSV With-Profits Fund depend on a number of factors including:

The return on investments in our underlying With-Profits Fund.

The way we distribute any profits on the Fund.

Factors beyond our control, such as tax and the effect of inflation.

Profits and / or losses from non-participating plans (other than unit-linked plans) which are also part of the With-Profits Fund.

The cost of meeting any guarantees that we provide.

The rate of future bonuses declared under the MSV With-Profits Fund cannot be guaranteed and may also change over the years.

If you cash in your investment in the MSV With-Profits Fund early, you may receive less than the account value. This will happen as a result of surrender charges and the possibility that we may apply a Market Value Reduction (MVR). MVR may be applied if the value of our investment falls suddenly.

Inflation will reduce the value of any cash sum and this is something you should be aware of when considering what you may be able to buy with a cash sum in the future.